Tech firm cuts jobs and slashes CEO pay

The CEO of a global tech giant has slashed his own salary and confirmed mass job cuts this week as the company battles against falling profits.

GoPro’s Nick Woodman will now earn just $1 a year – an eye-watering drop from 2016, when he collected an $800,000 salary and a performance-related cash bonus of $300,000.

The company, which produced wearable cameras used by adrenaline junkies, has battled perceptions that it was a one-trick pony with niche appeal, Forbes reported.

GoPro’s prices have lost a fifth of their value over the past 12 months and the company has had difficulty selling its cameras and drones over the holidays even on a discount.

The company said the job cuts will be in the drone business, which it described as an extremely competitive market with tough margins and a hostile regulatory environment.

Expected revenue of $340 million during the fourth quarter is sharply lower than the $460 million to $480 million previously estimated. GoPro also said it doesn't expect to return to profitability until the second half of 2018, Forbes said.

Woodman, who once ranked among the world's richest people, has seen his fortune fall along with the company's stock price.

The company however said it is committed to innovation and will introduce new products this year, all geared toward new and existing customers.